When managing your company’s or your department's finances and budgeting, it is essential to have a good, reliable and easy bookkeeping system that can help you in your everyday accounting tasks. To support your work, there are many templates out there online – so which one should you choose?
Boost productivity with accounting templates and budgeting templates
Basically, your bookkeeping templates allow you to keep track on how you are performing and who owes you money, and it keeps you ready for tax reporting etc. It is a vital tool, which should be easy to use and not time-consuming, but actually save you time. At its best, it is a great tool for increasing productivity and letting you focus on tasks that are more complicated.
Most online accounting systems provide you with templates for you to use and re-use online, no matter what product or service you are selling. If you do decide to use your common Excel spreadsheet on your laptop and create your own templates for your relatively complicated finances, you will find it hard to unlock e.g. automated features (which saves you time and eliminates data entry errors) and you will end up spending more time than you initially thought. It also means you have to keep abreast of new accounting rules and adjust the template accordingly. There’s no room for errors here!
Another solution could be to invest in an outsourced, cloud-based, software solution in order to save time, lower the risk of human error, and minimize monotony. But that way, you could lose the full view and firm grip of your company’s finances. And these solutions can be costly.
To save you time searching online, we’ve rounded up some helpful Excel-based template document solutions. Here are some of the best resources for finding accounting templates online:
5 great online accounting and bookkeeping resources
Smartsheet’s list of Excel spreadsheets is all you need to get started. They have researched the best Excel accounting templates out there and included them in a list ready for downloading. They are divided into categories by purpose, making it easy to get an overview and select exactly the template, you need.
Business Accounting Basics
Business Accounting Basics offer free Excel bookkeeping templates for many purposes. The list is not as long, but includes all you need to get started. Resources include petty cash, cash book, business expenses, sales invoice and balance sheet. A good resource, if your accounting needs are not very complicated.
Again, a long list of purpose-categorized Excel bookkeeping templates. ExcelDataPro keeps you on track with your finances and manage your invoices, profit and loss statements, generate salary slips, prepare balance sheet, track accounts payable and receivable etc. More features, but with a great overview!
If you need some descriptions on what the different templates can be used for, beginner-bookkeeping.com is a great resource for finding your basic Excel accounting templates along with useful descriptions. For instance, what is a Cash Flow Form and how do you use it?
If you want to crank it up a notch and invest in a low-priced online bookkeeping system with access to more resources than just Excel spreadsheet templates, try looking at Themeforest’s list of accounting systems available online for as little as US$8.
Remember to add compliance checks to your bookkeeping!
All of these online templates are great resources for both small and medium-sized companies and independent entrepreneurs. But as any professional knows, relying on templates alone as your company-solution might not be the best idea. Why? Accounting principles vary from country to country and different rules apply to different company types. So templates from the internet may not always be reliable for a task where accuracy and compliance is key.
That's why we recommend to consult your lawyer, accountant and/or compliance manager before relying on any of the products mentioned in this article.
In general, it is not a good idea to rely only on generic templates from the internet alone - you should use custom templates created by your accountant and that are kept up to date by your compliance manager. That way, you are sure that your accounting templates are always following the company guidelines and includes all the compliance regulations according to both brand, but especially legal compliance.
Templafy offers an easy way for office template compliance administrators to keep your company accounting and bookkeeping templates up-to-date and easily accessible by employees. This will benefit not only accountants, but the entire organization as everyone can trust that the template is best practice. If you want more in-depth information about Templafy’s template-management system and all the advantages of a cloud-based solution for your Excel bookkeeping templates, please do not hesitate to contact us.